{"id":455417,"date":"2021-01-27T20:00:35","date_gmt":"2021-01-27T20:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=455417"},"modified":"2024-06-11T14:13:00","modified_gmt":"2024-06-11T14:13:00","slug":"a-dangerous-technical-pattern-in-bitcoin-is-back-and-it-is-breaking-down","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/a-dangerous-technical-pattern-in-bitcoin-is-back-and-it-is-breaking-down\/","title":{"rendered":"A Dangerous Technical Pattern In Bitcoin Is Back, And It Is Breaking Down"},"content":{"rendered":"

Bitcoin price <\/a>is barely holding onto support at $30,000 and it could soon be lost for some time to come, if a pattern that has cut the cryptocurrency down to size confirms.<\/p>\n

The pattern itself has proven dangerous for Bitcoin in the past, and appears to be in the process of breaking down now. Here’s how past patterns have played out, and downside targets if the bearish pattern is valid.<\/p>\n

Descending Triangle: The Most Dangerous Technical Pattern In Bitcoin<\/h2>\n

Technical indicators such as the MACD and Average Directional Index have signaled a change in trend<\/a> on daily timeframes for more than a week now.<\/p>\n

Across the now three weeks of price action in Bitcoin since the current 2021 peak at $42,000, the leading cryptocurrency by market cap has bled over $10,000 and could be at risk of more downside<\/a>.<\/p>\n

Related Reading | Bear Trend Begins To Take Hold In Bitcoin For First Time Since October 2020<\/a><\/strong><\/em><\/p>\n

The resulting consolidation below the first major resistance level since $20,000, has potentially formed a descending triangle pattern<\/a> \u2013 a chart pattern that has been devastating for Bitcoin bulls in the past.<\/p>\n

\"bitcoin<\/p>\n

The top cryptocurrency is potentially breaking down from a descending triangle | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Descending triangles<\/a> are typically bearish patterns, that result in a strong move to the downside once the bottom horizontal support line is breached.<\/p>\n
That breach, might be taking place today, and a deeper plunge is possible if the pattern confirms as valid.<\/p>\n
How Past Instances Of The Pattern Breaking Down Impacted Crypto<\/h2>\n
Anyone who has been invested in Bitcoin since 2017 should be more familiar with the descending triangle pattern<\/a> than they would like to be.<\/p>\n
It was the pattern that took the cryptocurrency to its bottom at $3,200 after trading inside the structure for nearly all of 2018.<\/p>\n
\"bitcoin<\/p>\n
Past descending triangles have always hit their respective target | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Another descending triangle formed at the top of the 2019 rally.<\/a> Both instances of descending triangle nailed their respective targets based on the measured movement inside the pattern itself.<\/p>\n
Targets of descending triangles are found by taking the highest point of the triangle, and measuring to the horizontal baseline support<\/a>. Ascending and symmetrical triangles are measured in a similar manner.<\/p>\n
The distance in price traveled percentage wise within the pattern is typically the same distance to the formation’s target, post-breakout.<\/p>\n
Related Reading | Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks<\/a><\/strong><\/em><\/p>\n
If the current descending triangle does the same and reaches its target, the measured move should result in a drop to around $23,000.<\/p>\n
Bulls will need to defend the level to resume the uptrend, or bears will have the chance to keep pushing prices lower<\/a>, potentially back into a downtrend as was the case in 2019. Where does Bitcoin go next?<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is barely holding onto support at $30,000 and it could soon be lost for some time to come, if a pattern that has cut the cryptocurrency down to size confirms. The pattern itself has proven dangerous for Bitcoin in the past, and appears to be in the process of breaking down now. Here’s how past patterns have played out, and downside targets if the bearish pattern is valid. Descending Triangle: The Most Dangerous Technical Pattern In Bitcoin Technical indicators such as the MACD and Average Directional Index have signaled a change in trend on daily timeframes for more than a week now. Across the now three weeks of price action in Bitcoin since the current 2021 peak at $42,000, the leading cryptocurrency by market cap has bled over $10,000 and could be at risk of more downside. Related Reading | Bear Trend Begins To Take Hold In Bitcoin For First Time Since October 2020 The resulting consolidation below the first major resistance level since $20,000, has potentially formed a descending triangle pattern \u2013 a chart pattern that has been devastating for Bitcoin bulls in the past. The top cryptocurrency is potentially breaking down from a descending triangle | Source: BTCUSD on TradingView.com Descending triangles are typically bearish patterns, that result in a strong move to the downside once the bottom horizontal support line is breached. That breach, might be taking place today, and a deeper plunge is possible if the pattern confirms as valid. How Past Instances Of The Pattern Breaking Down Impacted Crypto Anyone who has been invested in Bitcoin since 2017 should be more familiar with the descending triangle pattern than they would like to be. It was the pattern that took the cryptocurrency to its bottom at $3,200 after trading inside the structure for nearly all of 2018. Past descending triangles have always hit their respective target | Source: BTCUSD on TradingView.com Another descending triangle formed at the top of the 2019 rally. Both instances of descending triangle nailed their respective targets based on the measured movement inside the pattern itself. Targets of descending triangles are found by taking the highest point of the triangle, and measuring to the horizontal baseline support. Ascending and symmetrical triangles are measured in a similar manner. The distance in price traveled percentage wise within the pattern is typically the same distance to the formation’s target, post-breakout. Related Reading | Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks If the current descending triangle does the same and reaches its target, the measured move should result in a drop to around $23,000. Bulls will need to defend the level to resume the uptrend, or bears will have the chance to keep pushing prices lower, potentially back into a downtrend as was the case in 2019. Where does Bitcoin go next? Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":455423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,50132,4524,76835],"class_list":["post-455417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-descending-triangle","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nA Dangerous Technical Pattern In Bitcoin Is Back, And It Is Breaking Down<\/title>\n<meta name=\"description\" content=\"Bitcoin price is barely holding onto support at $30,000 and it could soon be lost for some time to come, if a pattern that has cut the cryptocurrency down\" \/>\n<meta name=\"robots\" content=\"index, follow, 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"A Dangerous Technical Pattern In Bitcoin Is Back, And It Is Breaking Down","url":"http:\/\/wncen.com\/news\/a-dangerous-technical-pattern-in-bitcoin-is-back-and-it-is-breaking-down\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/a-dangerous-technical-pattern-in-bitcoin-is-back-and-it-is-breaking-down\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/bitcoin-dangerous-triangle-pattern-Depositphotos_118984268_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/bitcoin-dangerous-triangle-pattern-Depositphotos_118984268_xl-2015-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","descending triangle","xbt","xbtusd"],"dateCreated":"2021-01-27T20:00:35Z","datePublished":"2021-01-27T20:00:35Z","dateModified":"2024-06-11T14:13:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"A Dangerous Technical Pattern In Bitcoin Is Back, And It Is Breaking Down\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/a-dangerous-technical-pattern-in-bitcoin-is-back-and-it-is-breaking-down\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/a-dangerous-technical-pattern-in-bitcoin-is-back-and-it-is-breaking-down\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/bitcoin-dangerous-triangle-pattern-Depositphotos_118984268_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/bitcoin-dangerous-triangle-pattern-Depositphotos_118984268_xl-2015-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"descending triangle\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-01-27T20:00:35Z\",\"datePublished\":\"2021-01-27T20:00:35Z\",\"dateModified\":\"2024-06-11T14:13:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/bitcoin-dangerous-triangle-pattern-Depositphotos_118984268_xl-2015-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/455417"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=455417"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/455417\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/455423"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=455417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=455417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=455417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}